From: Rae B
Hi all,
Am currently overseas (E. Timor) and have been asked by alot of potential Property investors about the ins and outs of refinancing IO loans once the initial 5yr period runs out.
As I am yet to experience the joys with my own loans, I am at a loss to what information to provide.
I am really looking for a step by step process of setting up a refinance within the same bank to unlock equity, also is this the same process once the 5yr IO period is over.
Does the Investor have to arrange with a valuer (currently on the banks books) to arrange a revaluation, or do you just apply through the bank itself?
I am also hoping to unsecure a second property on another IP, which has hopefully gone up in value, by using itself as collateral. Unsure as to how to do this.
Any comments will be greately appreciated.
Cheers .......... Rae
Hi all,
Am currently overseas (E. Timor) and have been asked by alot of potential Property investors about the ins and outs of refinancing IO loans once the initial 5yr period runs out.
As I am yet to experience the joys with my own loans, I am at a loss to what information to provide.
I am really looking for a step by step process of setting up a refinance within the same bank to unlock equity, also is this the same process once the 5yr IO period is over.
Does the Investor have to arrange with a valuer (currently on the banks books) to arrange a revaluation, or do you just apply through the bank itself?
I am also hoping to unsecure a second property on another IP, which has hopefully gone up in value, by using itself as collateral. Unsure as to how to do this.
Any comments will be greately appreciated.
Cheers .......... Rae
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